Eur/Sek Technical Analysis W1, MN1

MARKETSFORU

Let's look at the eur/Sek from the medium and long term perspective. SEK relishes the stream of very good data from the Swedish economy. It seems that the correction might has just begun and there's quite some space all the way down to the nearest support area. On the weekly interval, we can notice a very distinct outside bar - the reversal pattern, and voila - on the monthly interval (still some time to the end of the month so stay cautious), the falling star formation is forming, it also is reversal pattern but if the candlestick closes likes that on the monthly, we can see the longer period of decline. The crucial supports lies slightly above the 23.6% retracement of the last bearish wave.